Binance Introduces New Instant Copy Trading
Binance has rolled out a new feature for instant copy trading, initially launching in select markets across Latin America, Europe, the Middle East, Asia, and the Pacific.
The new copy trading feature by Binance will empower users to replicate trading activities of some of the platform’s most profitable traders.
In a press release submitted to Cryptopolitan, Binance stated, “At Binance, we constantly listen to our users and incorporate their feedback into our products. Our users provide us with brilliant ideas because they often know what’s best for them. Copy trading is one of these ideas that came from community feedback.”
They further stated, “This is a fantastic tool that automates trading for our users and gives them the ability to experience new trading strategies.”
Copy trading, pioneered by eToro, allows users to replicate trading strategies and risk management of experienced traders, with these traders earning money by having others copy their trades. This method has recently been adopted by some leading cryptocurrency exchanges such as Bybit, OKX, and Bitget.
The Instant Copy Trading feature by Binance is now open for registration. It is available to “Key Traders” who meet the necessary requirements for minimum managed assets. This feature will be activated for users interested in copying trades in May and beyond.
According to a spokesperson from Binance, to qualify as a Key Trader for this service, you must have a managed portfolio ranging from 500 to 250,000 USDT. These leading traders receive a 10% profit share and also a 10% discount on weekly trading commissions from copy traders who mirror their trading decisions.
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Participants can work as primary or secondary traders. Initially launching in select markets across Latin America, Europe, the Middle East, Asia, and the Pacific, it will cover over a hundred currency pairs. The spokesperson mentioned plans to diversify the available pair list in the future.
Additionally, Binance announced the Best Traders Competition, running from April 24 to May 8. The competition provides top traders with the opportunity to start building their investment portfolios even before the official release of products on the Binance app.
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